Jerry Buss bought the Lakers in a $67.5m deal (£50m) in 1979 that included the Los Angeles Kings hockey team and a Los Angeles arena, known as the Kia Forum.
After he died in 2013, ownership was passed to his six children in a Trust before a deal was completed with Walter, who also owns a stake in the LA Dodgers with Todd Boehly.
“Owning the Los Angeles Lakers has been one of the great honors of my life,” said Walter.
“It has been an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family.
“I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead.”
The LA Lakers have 17 NBA titles – one less than the record of 18 held by the Boston Celtics.
The deal involving Kushner comes after he was part of the recent controversy surrounding Fifa president Gianni Infantino and an aborted plan to sell off stakes in the governing body’s competitions to private investors.
Thrive Eternal, an American venture capital firm founded by Kushner, was expected to lead the proposed investor group for the Fifa Forward Enterprise (FFE) proposal.
